Barclaycard Transfer funds to current account

kipp

Hi all,

I'm looking to purchase a used car to get with my new house (all happening at once isn't it! - though touch wood on the house...)

I am looking to borrow approx 4k. Now, reading through all the articles, it suggests that a 0% credit card with a low money transfer fee is the way to go.

I am currently with Barclaycard and can confirm they are offering 1.9% on transfers until 1st dec 2015. I think i can afford to pay that off in that time, or at least have the temperament to make sure I do a balance transfer to another card before the period ends.

Is this a good option, do you think? Thoughts?

grumbler

kipp wrote: »

Is this a good option,...?

What exactly? 1.9% is good for money transfer.

Are you sure that a new £4K CC balance will not affect your mortgage application?

kipp

House is all but done (touch that wood again...) exchange should be next week.

I did have 2k limit in my CC but got it increased online in seconds (scary they keen to Ok it that quickly!) to 4k.

Just want to double check its the cheapest option in people's eyes. 1.9% transfer at 0% for effectively 11 months...

thebritishbloke

Wait until your mortgage is confirmed and you have the keys to the house before you do this.

It's definitely not the cheapest, as you can actually get a 0% money transfer with no fee for 15 months:

MBNA Low Rate card has no fee for a money transfer, but interest is charged. So you get that card, do a transfer to your bank account, then get the Santander 15 Month 0% No Fee card and transfer the balance from your MBNA to that. £0 fee. £0 interest for 15 months. You just need to hope you get accepted for high enough limits on both cards. Given that you'll have just moved house and likely won't be on the electoral roll yet, I don't think that'll happen.

kipp

The mortgage has gone through, it's in the final stages. That's not an issue - unless they pull out!

That's an interesting thought on the MBNA/Santander route. Though you are right about making sure both can offer me the high limits i require...

grumbler

If Santander's limit is smaller, can the full amount needed be transferred in two or more steps?

leeroy2009

have you had the special letter with a transfer code or hold a Barclays bank account?? if not then you wont be able to transfer funds to a none Barclays current account.

kipp

Yes i also own have a barclays account too.

I will look into the option suggested by British as appears to be cheapest! Although, will def require some dancing as opposed to paying a small fee through Barclays option

lee111s

The mortgage hasn't gone through. The lender can check credit files and withdraw right up to completion.

chanz4

kipp wrote: »

The mortgage has gone through, it's in the final stages. That's not an issue - unless they pull out!

That's an interesting thought on the MBNA/Santander route. Though you are right about making sure both can offer me the high limits i require...

hope its not Halifax or one that has a live system, they can pull out right until the funds are drawn down

planteria

thebritishbloke wrote: »

....... get the Santander 15 Month 0% No Fee card and...

interesting. i didn't know about this card. it's a good deal:T